The concept of NFT will be legalized.

Aug, 18 2022

The concept of NFT may soon appear in the law. Such a measure will protect the rights of holders of non–interchangeable tokens – NFT.

An NFT (non-fungible token) is a non-interchangeable or unique digital accounting unit for a unique object. Such a token can be assigned to an image, video, photo, song, tweet, or any digital object.

From a certain point on, digital recordings began to represent a certain value, emphasizing the fact of ownership of certain content. Therefore, the relevance of the legal regulation of NFT is particularly important now. To date, the interests of NFT holders are not protected by law in any way, as well as the field of digital assets is outside of legislative regulation.

The lack of legal norms in this area caused a surge in illegal schemes: fraudsters hacked accounts and wallets, signed other people’s smart contracts on their behalf. Moreover, NFT, like any digital information, is exposed to standard threats on the Internet: the sale of fake tokens or phishing.

If the bill is adopted, the concept of NFT will be mentioned in Article 1225 Part 4 of the Civil Code of the Russian Federation “Protected results of intellectual activity and means of individualization”.

Today, the issue of legalizing NFT in the Russian Federation is already fundamentally on the table, now only the details of its future regulation are being discussed.

Author of the article
The concept of NFT will be legalized.
Valentina Khlavich
Managing Partner
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